• Ramelius intends to improve its current scrip offer by $0.02 cash per share in addition to existing consideration of 1 Ramelius share for every 4 Explaurum shares
• Best and Final total consideration $0.134 per share, being a 57.6% premium to the last closing price of Explaurum shares and a 11.7% premium to the subscription price of the Alkane Transaction
• Major Explaurum shareholders representing approximately 14.3% of Explaurum intend to accept the Improved Offer and vote against the Alkane Transaction. This would increase Ramelius’ relevant interest in Explaurum to 19.9%.
• Ramelius believes the revised offer should fall within the Independent Expert’s valuation range of Explaurum and should therefore be considered as ‘Fair and Reasonable’3
• Ramelius offers to provide a finance facility to Explaurum to ensure solvency during bid process
• Offer extended to 25 January 2019
Not sure how this extended deadline will work with the ALK placement, as if it is approved then it will trigger the defeating conditions, anyone have any ideas? Looks like we'll get to see the BFS before deciding on the RMS offer, however the ALK vote will most likely come before the BFS.
I'm going to look into the progress EXU management have made since the last CR over the weekend and re-evaluate my position here, as at the moment I feel they could have done much more.
I will probably accept this offer, but welcome all thoughts for and against. Please keep the BS to a minimum.
